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RE: Zillow, if your market making business has holding times measured in months, you better be sure you're hedging out housing market delta! if your backtests assume high turnover and you can't move inventory, then guess what? The alpha you thought you had just left the building
Like, you can't say with a straight face "we are a market maker we don't take directional risk on the housing market" and then hold a ton of houses on the balance sheet. In doing so you are, eo ipso, taking a directional view--you're long houses!
And this is before we even get into the issues of toxic flow, where Zillow also clearly got rinsed by more informed counterparties who took them to the woodshed on pricing because it turns out that nonfungible illiquid assets are hard to price algorithmically
Were they market making though or just prop buying?
They certainly *thought* they were market making, although it is clear now that they failed at it.
lrn2beepboop
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